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Brideside Shutdown Is Another Headache in a Bad Year for Weddings

Submitted by jhartgen@abi.org on

Brenna Hogan got word in late October that the latte-colored satin bridesmaid gown she ordered from Brideside Inc. was ready. But her appointment to pick it up from a showroom in Chicago’s West Loop neighborhood was quickly canceled. She didn’t hear from the wedding apparel retailer again until last week when the business emailed her that it had permanently closed, WSJ Pro Bankruptcy reported. Calls and emails about picking up the dress went unanswered, she said. As if weddings during a pandemic aren’t hard enough, Brideside’s sudden shutdown after eight years in business has become another headache for Ms. Hogan and other brides and bridesmaids trying to navigate nuptials amid restrictions on some businesses and social gatherings. Some customers who put down money were left scrambling after finding out their orders had never been placed with dress designers. They are disputing their Brideside credit- and debit-card charges, hoping to reclaim their money while trying to secure the same dress directly with the designer. Brideside said in its email to customers that with about two-thirds of weddings canceled this year and an uncertain 2021, its “chapter has come to an end.” Saying it wasn’t able to field inquiries, Brideside instead referred customers to more than a dozen of its dress designers.

Hertz to Sell Donlen Fleet Business to Athene for $875 Million

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Hertz Global Holdings Inc. said it agreed to sell its Donlen Corp. fleet management business for at least $875 million to an Apollo Global Management Inc.-backed insurance company as the bankrupt rental car company looks to pay down debt, WSJ Pro Bankruptcy reported. In a bankruptcy-court filing on Wednesday, Hertz said the planned sale of Donlen, which provides fleet-management services, could help the company reduce its secured debt and interest expenses, giving it more flexibility to reorganize in chapter 11. Pending court approval, Hertz would sell Donlen to Athene Holding Ltd., a publicly traded financial services business in which Apollo has a roughly 35 percent stake and responsibility for managing investments. Athene’s proposed deal for Donlen consists of an $825 million cash payment and certain adjustments that Hertz said will bring the total purchase price to “at least” $875 million.

Black Friday Was a Bust for Many Stores, Better for Online

Submitted by jhartgen@abi.org on

U.S. shoppers went online to purchase holiday gifts and score Black Friday deals they once crowded into malls to grab, as the coronavirus pandemic accelerated the yearslong remaking of the U.S. retail landscape, the Wall Street Journal reported. Roughly half as many people visited stores on Black Friday as they did last year, according to research firms that track foot traffic. Meanwhile, online spending jumped 22 percent from a year ago, making it the second-best online shopping day ever measured by Adobe Analytics. It is unclear whether an early start to the holiday shopping season, the online Black Friday surge and an expected record day on Cyber Monday will be enough to offset the money lost from in-person shopping for many chains. Heading into the critical season, U.S. consumer spending has been strong despite the economic shocks and shutdowns tied to COVID-19. The National Retail Federation, a trade group, has forecast that holiday sales will increase at least 3.6 percent to about $755 billion, including at least 20 percent growth from online shopping to about $202 billion.

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Disney Increases Planned Layoffs to 32,000 as Virus Hits Park Attendance

Submitted by jhartgen@abi.org on

Walt Disney Co. said on Wednesday that it would lay off about 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September, as the company struggles with limited customers due to the coronavirus pandemic, Reuters reported. The layoffs will be in the first half of fiscal 2021, the company said in a filing with the Securities and Exchange Commission. A spokesman for Disney confirmed that the latest figures include the 28,000 layoffs announced earlier. Earlier this month, Disney said it was furloughing additional workers from its theme park in Southern California due to uncertainty over when the state would allow parks to reopen.

Disney Increases Planned Layoffs to 32,000 as Virus Hits Park Attendance

Submitted by jhartgen@abi.org on

Walt Disney Co. said on Wednesday that it would lay off about 32,000 workers, primarily at its theme parks, an increase from the 28,000 it announced in September, as the company struggles with limited customers due to the coronavirus pandemic, Reuters reported. The layoffs will be in the first half of fiscal 2021, the company said in a filing with the Securities and Exchange Commission. A spokesman for Disney confirmed that the latest figures include the 28,000 layoffs announced earlier. Earlier this month, Disney said it was furloughing additional workers from its theme park in Southern California due to uncertainty over when the state would allow parks to reopen.